1. Get a life apart from trading-
Don't spend your whole time in front of your computer trading, it is quite dangerous to your health and has grave emotional consequences cos your tension rises and falls just as the prices do...lol!
2. Choose a Suitable trading pattern-
Understand what works best for you and stick to it. For example, we prefer to trade medium term, precisely daily charts because it is less stressful as we have just 20 trading days in a month. This means we get to do our trade analysis ONLY 20 times in a month. This gives us all the freedom in the world to go get a life apart from trading and also enjoy spending the profits we make enjoying the finest things in life, as opposed to those who trade short term intra-day and have to be seated all day in front of the system...boring...boring!
3. Don't trade too often-
Don't be a trigger happy fellow. Don't develop itchy fingers and always wanting to trade. Trade ONLY when your signals confirm so. Don't try to force a trade when there is none. As the wise saying goes, 'A TRADE MISSED IS BETTER THAN A TRADE LOST'. For example, even though we only have 20 trading days in a month as permitted by our strategy, still, we do not trade all 20 days, and if you have been a follower of this blog you would notice at times we trade as low as twice in a month. The key is trading profitably, not trading always!
4. Get a working strategy and stick to it-
Stop prostituting from one trading strategy or method to another every now and then. Get a good trading method and stick with it through thick and thin. Every method has its highs and lows, its the net-results that matter most. We use price action strategies as it has so many advantages we cannot fully list here and the best part is its simplicity!
5. Assess your performance periodically-
Do a periodic assessment of your performance. This would reveal if you are on the right track or might need some modifications or an entirely new master-plan. We assess our performance weekly and as you already know it is published top left of this blog and if you are a subscriber to our signals you definitely should have the same results we do.
6. Finally...
In any area of life you wish to succeed in, you must first and foremost, find someone who is already excelling in that aspect and let them be your mentor(s). Don't try to re-invent the wheel. Don't start from scratch, no need to go fall into the same mistakes someone else had already committed and learnt from. One of the fastest ways to success is by learning from others' mistakes. So get a mentor today, and jumpstart your success in forex or any other area in life you wish to succeed in.
Happy trading!
nice quotes am much impressed tnx legendary team ......
ReplyDeleteYou are most welcome Sham. Hope you have joined fellow traders in subscribing to our signals!
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